Global Medical Wearables Market Overview
Medical wearable devices are worn, handheld, or attached which monitors metabolic changes in the body, that record and display data whenever required. These devices are small, user-friendly, and portable. Furthermore, wearable medical devices are fast and quick at processing results, therefore, they are used for monitoring various human vitals such as monitoring of blood pressure levels, blood sugar levels, sleep apnea disease, and heart rate & skin temperatures. The global medical wearables market accounted for US$ 13.2 billion in 2019 and is estimated to be US$ 104.9 billion by 2029 and is anticipated to register a CAGR of 23.3%.
Impact of Covid-19 pandemic on market
The outbreak of COVID-19 has raised the demand for a number of kits and rapid tests. As screening is being performed at a massive scale during this outbreak hotspot. There is a huge demand for Covid-19 screening as a crucial factor for revenue growth in this market space. Additionally, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who might need critical care. Besides, there is an urgent requirement for a rapid acceleration in the manufacturing process for an extensive range of test-kits. This report will quantify the impact of this pandemic on the medical wearables market.
Global Medical Wearables Market Dynamics
Launch of technologically advanced products
Products like smart watches help to monitor various parameters such as physical activity, pulse rate, and respiratory rate. These products have cloud and Bluetooth connectivity. Advancements in the wrist-worn products, for instance in March 2014, Vital Connect launch Healthpatch for monitoring multiple parameters such as skin temperature, heart tare, and activities like steps count is expected to boost the target market growth. Additionally, the major players like Apple and Samsung have launched mobile apps, which are compatible with medical wearable devices and allows data recording and digital display. Such apps are influencing people toward routine health monitoring, thereby compelling global market growth.
However, the unwillingness of the consumers to shift from conventional devices to wearable devices due to lack of awareness among the general population about their benefits might act as key restraints for the growth of the global market. Additionally, device-related issues such as fluctuations in data, memory problems, and inaccurate results are major limits for the growth of the global wearable medical devices market.
Nevertheless, manufacturing of next-generation products and innovative devices that are smartphone compatible by prominent players in this market, can act as a major opportunity for growth of the global medical wearable market.
Global Medical Wearables Market Segmentation
The global medical wearables market is segmented based on device, type, application, and region.
On the basis of the device, the global medical wearables market is segmented into diagnostic, therapeutic, and respiratory. On the basis of type, the target market is segmented into a smartwatch and patch. Based on the application, the target market is segmented into sports and fitness, remote patient monitoring, and home healthcare.
Regional Insights:
In the region, the global medical wearables market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is leading the medical wearable market with maximum market share, owing to growing cases of cardiovascular disorders, diabetes & cancer, rising awareness on benefits of wearing portable devices, and modernization made by major players. Europe will also have major growth in the medical wearable market due to the health-related benefits provided through the use of these devices, popularity of wearable devices, and reliable on more integrated connectivity through the internet. The Asia Pacific is projected to register high growth in the estimated period due to the increasing geriatric population in Japan and China, favorable government initiatives, and rising expenditure on healthcare in this region. Conversely, the high cost of wearable devices as well as lack of refund facility is projected to hamper large sections of the population in this region.
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Attribute |
Details |
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The base year for estimation |
2019 |
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Forecast period |
2019 – 2029 |
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Market representation |
Revenue in USD Million & CAGR from 2019 – 2029 |
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Market Segmentation |
By Device- Diagnostic, Therapeutic, and Respiratory By Type– Smartwatch and Patch By Application– Sports and Fitness, Remote Patient Monitoring, and Home Healthcare |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, it has segmented the global medical wearables market report based on device, type, application, and region.
Global Medical Wearables Market, By Device:
- Diagnostic
- Therapeutic
- Respiratory
Global Medical Wearables Market, By Type:
- Smartwatch
- Patch
Global Medical Wearables Market, By Application:
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Global Medical Wearables Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Medical Wearables Market Key Players
The key players operating in the global medical wearables market include Medtronic plc, Covidien Plc, Siemens AG, Fitbit Inc., Panasonic Corporation, Bayer AG, Smith’s Medical - A Smiths Group Company, Animas Corporation- Johnson & Johnson, Koninklijke Philips N.V., and Owlet Baby Care. The growing number of market companies is intensifying the competition. Players, such as Apple, Fitbit, Lifesense, Samsung, Garmin, and others, are expanding the market by introducing several new products. Besides, new opponents are also developing in the form of startups in the market. Startups like Royal Philips, Overlap, Vivify Health, Doximity Dialer, Validic, etc are in the process of developing technology to improve wearable health technology and allow EHR integration for health systems. This has led the market to be very competitive.
Global Medical Wearables Market Company Profile
- Medtronic plc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Covidien Plc
- Siemens AG
- Fitbit, Inc.
- Panasonic Corporation
- Bayer AG
- Smith’s Medical - A Smiths Group Company
- Animas Corporation- Johnson & Johnson
- Koninklijke Philips N.V.
- Owlet Baby Care
“*” marked represents similar segmentation in other categories in the respective section
Global Medical Wearables Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Medical Wearables Strategies
- Key Questions this Study will Answer
- Market Snippet, By Device
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Medical Wearables Market, By Device, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Diagnostic
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Therapeutic
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Respiratory
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Medical Wearables Market, By Type, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Smartwatch
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Patch
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Medical Wearables Market, By Application, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Sports and Fitness
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Remote Patient Monitoring
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Home Healthcare
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Medical Wearables Market, By Region, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Device, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Device, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Device, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Device, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Device, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Application, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
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- Medtronic plc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Covidien Plc
- Siemens AG
- Fitbit, Inc.
- Panasonic Corporation
- Bayer AG
- Smith’s Medical - A Smiths Group Company
- Animas Corporation- Johnson & Johnson
- Koninklijke Philips N.V.
- Owlet Baby Care
- Medtronic plc
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- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Medical Wearables Market report segments the market been segmented on the basis of device, type, application, and region.
Vital Connect launch Healthpatch for monitoring multiple parameters such as skin temperature, heart tare, and activities like steps count is expected to boost the target market growth.
Asia Pacific, the market is expected to witness exponential growth over the forecast period.
The leading players operating in the Medical Wearables Market includes Medtronic plc, Covidien Plc, Siemens AG, Fitbit Inc., Panasonic Corporation, Bayer AG, Smith’s Medical - A Smiths Group Company, Animas Corporation- Johnson & Johnson, Koninklijke Philips N.V., and Owlet Baby Care